The Central Bank of Nigeria (CBN) has raised alarm that counterfeit naira notes are in circulation.
“The attention of the CBN has been drawn to the circulation of counterfeit banknotes, especially higher denominations by some individuals,” CBN’s acting spokesperson Hakama Ali said in a statement on Friday.
Ali said that the counterfeit notes were mainly used for transactions in food markets and other commercial centres across major cities in the country.
She said that any person found complicit in the circulation of the counterfeit currency notes would face severe sanctions.
The spokesperson said that the law provides punishment by a term of imprisonment of not less than five years, for any person found culpable of counterfeiting naira notes or any other legal tender in Nigeria.
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters.
“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the CBN, or via firstname.lastname@example.org,” she said.
Ali enjoined all deposit money banks, financial houses and bureaux de change and the general public to be more vigilant.
“Furthermore, the general public is encouraged to embrace alternative modes of payment for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” she said.